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Stock Market & Financial Investment News

News Breaks
February 8, 2013
13:11 EDTWMSAriel Investments reports 7.9% passive stake in WMS Industries
News For WMS From The Last 14 Days
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July 20, 2015
08:04 EDTWMSAdvanced Drainage takes operational control of BaySaver JV
Advanced Drainage Systems announced that it has acquired operational control of its BaySaver, LLC joint venture from its partner, BaySaver Technologies. Under its BaySeparator and BayFilter brands, “BaySaver” manufactures stormwater treatment units used in construction applications to remove sediments and other pollutants from stormwater runoff. Through this transaction, ADS has acquired an additional 10% from BTI for $3.2M, bringing its interest in the joint venture to 65%. The joint venture was initially formed on July 15, 2013. The partnership combined the industry leading engineering, manufacturing, sales and distribution of ADS, with the research, development and technical approvals of BTI. During the twelve months ended March 31, 2015, BaySaver had revenue of approximately $11M. BaySaver will continue to be based in Mount Airy, Maryland with a focus on stormwater filtration and separation technologies. As a result of the transaction, ADS will consolidate BaySaver for financial reporting purposes effective as of the July 17, 2015 closing date.
July 15, 2015
08:32 EDTWMSAdvanced Drainage announces delay in filing FY15 10-K
Advanced Drainage Systems has delayed the filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2015 beyond the July 14, 2015 extended filing date. As previously disclosed by the company in its Form 12b-25 filed with the SEC on June 30, 2015, the company is reviewing methodologies utilized in its year-end inventory costing analysis and the related impact on the company’s fiscal year 2015 financial statements. This review is ongoing, and is primarily due to the need to assess the impact of highly volatile raw material costs during the company’s fiscal 2015 fourth quarter. Although the company’s independent public accounting firm is performing audit testing procedures for such items, the company anticipates that the effect of this review will be a reduction of year-end inventory values for fiscal year 2015 as compared to previously reported amounts, and a related increase in cost of sales. The company anticipates these adjustments will have a positive impact on cost of sales in fiscal year 2016. The company intends to make any necessary adjustments to its previously issued earnings release for the fourth-quarter and full fiscal year 2015 in light of the above concurrent with the filing of its Form 10-K. As part of the review process, the company is now also conducting a review of its accounting treatment for its transportation and equipment leasing program. The company’s transportation and equipment leases have historically been recorded as operating leases and the company is now in the process of re-evaluating whether it is necessary to record such leases as capital leases. The company is working diligently to conclude its review and analysis of the items described above as well as the company’s journal entry control processes as previously disclosed, and will announce its anticipated timing via press release once known.

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